Which of the following schools of thought believed that 'this material world is the only thing that exists' and therefore 'there can be no life after death' ?

The Charvaka school, also known as Lokayata, is the ancient Indian school of materialism. It is a Nastika (heterodox) school that rejects the authority of the Vedas, the existence of a soul (atman), and the concept of an afterlife or rebirth. According to Charvaka philosophy, perception (Pratyaksha) is the only valid source of knowledge. They believed that the human being is built of four elements (earth, water, fire, and air) and that consciousness is a result of the specific combination of these elements, which perishes at death. Therefore, they held that 'this material world is the only thing that exists'.

In contrast, Vaisheshika and Nyaya are orthodox schools that believe in the soul and liberation. Ajivika, while heterodox, believed in Niyati (fatalism) and a cycle of rebirths, though they were predetermined.